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Published May 24, 2021, 3:53 PM After more than 20 years, the Securities and Exchange Commission (SEC) has finally secured the conviction of a stock broker involved the manipulation of the price of Best World Resources Corporation (BW) that started in October 1998. In a statement, the SEC said it has secured a fifth conviction under the Securities Regulation Code (SRC) after a regional trial court ruled that the president of a brokerage manipulated the market in illegal trade transactions involving stocks of then listed firm BW.    In a decision dated May 7, the Pasig City Regional Trial C...

Broker convicted in biggest PSE market manipulation scandal May 24, 2021 11:28 AM PHT A stockbroker was convicted to 14 years in prison and fined P1 million for the country’s largest market manipulation scandal done way back in 1999. The Pasig City Regional Trial Court Branch 67 found Johnny Yap of Solar Securities guilty beyond reasonable doubt for manipulating the market in illegal trade transactions involving stocks of then-listed firm Best World Resources Corporation (BW). The court found Yap violated section 26 of the Revised Securities Act, now Section 24.1(a)(i) of the Securities Reg...

The Straits Times Philipines at 'medium' risk for money laundering: Inquirer editorial The paper says money laundering may have adverse impacts on the integrity and standing of the Philippine financial market. Buildings along the Pasig River during dusk in Metro Manila on May 11, 2021.PHOTO: BLOOMBERG Published1 hour ago https://str.sg/3kJK They can read the article in full after signing up for a free account. Share link: Or share via: Sign up or log in to read this article in full Sign up All done! This article is now fully available for you Read now Get unlimited access to all stories at $0...

MANILA (Philippine Daily Inquirer/ANN): Money laundering remains a serious threat to the Philippines, which has had its share of embarrassing incidents in the past such as the Bangladesh central bank heist where US$81 million (S$107.8 million) in stolen money vanished in local casinos in 2016. One sector that is particularly vulnerable to cybercriminals is the local capital market. According to an assessment report released last week by the Securities and Exchange Commission (SEC), the capital market is at "medium" risk of being exploited for money laundering, especially as the rise of digita...

Broker faces 14-years behind bars, P1-M fine for market manipulation May 24, 2021 | 12:07 am By Valmonte THE Pasig City Regional Trial Court Branch 67 has sentenced broker Johnny S. Yap, former president, sales manager, and director of Solar Securities, Inc., to 14 years of imprisonment and was ordered to pay P1 million for a “reprehensible” market manipulation. The decision came 22 years after the Securities and Exchange Commission filed a complaint involving the trading of the stocks of the then-listed company Best World Resources Corp. (BW). “The SEC filed a criminal complaint again...